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Breaking: Ripple Labs Interested To Buy Bankrupt Celsius Assets?

Manoj Nair




Celsius network assets are likely to be purchased by Ripple Labs if a report by Reuters is to be believed. As per the report the blockchain payments company has shown interest in buying Celsius Networks assets. However, it has not revealed the road map for the acquisition or any clarity on the exact plans. Also there has not been any confirmation from either company about the rumored purchase. Celsius network had applied for bankruptcy last month. This came shortly after Celsius had stopped withdrawals and transfers from user accounts back in June.

Ripple Labs Could Use Celsius Assets?

The report quoted a Ripple insider who spilled the beans that the company is interested in buying the assets of the bankrupt crypto lender. Ripple is also investigating the possibility of using Celsius assets and checking if it suits its interest. The insider however stopped short of confirming the Ripple Labs is 100% sure to take over the assets of the bankrupt crypto lender.

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business. Ripple has continued to grow exponentially is actively looking for M&A opportunities to strategically scale the company.”

Celsius has rolled out the blueprint of its revival plan. It revealed that it has around $4.3 billion worth of assets as well as $600 million in CEL token worth $170 million. It presently has liabilities to the tune of $5.5 billion. If the Reuters report is correct and Ripple is able to buy Celsius it will be a big relief for retail investors. Celsius had already said it was considering sale of assets to meet its financial requirements.

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